Tag: gold pricet

A Detailed Technical Look At Gold’s Breakout

A Detailed Technical Look At Gold’s Breakout

There has finally been some positive price action on Gold ($GOLD) and to some extent on the gold miners. Let’s take a look. Gold has been building this red wedge for almost three years now. The past two weeks it broke above the trend line and tonight we’ll see a taller candle approaching horizontal resistance around $1180.

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Gold Price Technicals Are Weakening

| September 4, 2015 | Category: Price
Gold Price Technicals Are Weakening

Gold’s most recent advance ended last week when price failed to break through the sturdy resistance level around $1170. As a reminder, $1170 is where several technical indicators converged, including a bearish trend line, the 100-day moving average and the 38.2% Fibonacci retracement level of this year’s range. The fact that the rally has stalled at the relatively shallow 38.2% Fibonacci retracement level bodes ill for gold bugs as it suggests the bears are still clearly in the driving seat, which means that the path of least resistance is to the downside.

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Gold Price Technicals At The End Of July 2015

Gold Price Technicals At The End Of July 2015

While the price of gold is significantly oversold from a technical perspective, and a rebound to correct the recent over-extension to the downside should be due, the possibility of a relief rally will be largely dependent upon shifting speculation with regard to upcoming Fed statements and decisions.

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Back Into the Jumble Zone for Gold

Back Into the Jumble Zone for Gold

The upper median line of the mod-Schiff fork is defining the resistance level for Gold on the upside. The “jumble-zone” is defining support on the downside. I have written more than once about the mess of support and resistance levels in the $1180 to $1190 region and Gold is back in that area again. There is a lot of energy in this region because of the failed triple bottom around $1183.

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Gold’s Correction Is Fading Fast

Gold’s Correction Is Fading Fast

Short-term, all signs continue to point lower. Although we’ve been using a Hidden Pivot support at1206.10 as a minimum downside objective, the larger-degree pattern shown, with an1199.50 target, suggests the next swoon could do a little more damage. Although it would not destroy the still-corrective look of the selloff from the 1308.80 peak recorded on January 22, it would exceed an external low at 1205.50 to create a fresh, bearish impulse leg of daily-chart degree. The futures could fall to as low as 1168.30 and still be ‘corrective’ relative to the low from which 2015’s promising rally was launched, but at that point the bullish case would be hanging by a thread.

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